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KIRBY CORPORATION REPORTS SECOND QUARTER EARNINGS

 KIRBY CORPORATION REPORTS SECOND QUARTER EARNINGS
 HOUSTON, July 28 /PRNewswire/ -- Kirby Corporation (AMEX: KEX),


engaged through its subsidiaries in marine transportation, diesel repair and property and casualty insurance, reported net earnings for the second quarter ended June 30, 1992, of $4,469,940, or $.20 per share, compared with net earnings of $3,952,386, or $.18 per share, for the second quarter of 1991. Net earnings for the 1992 first six months totaled $7,448,183, or $.34 per share, compared with net earnings of $7,187,196, or $.33 per share, for the first six months of 1991.
 Results for the 1992 second quarter were favorably influenced by improved operating conditions and the positive contributions from each of the three major acquisitions consummated during the first half of 1992. The company acquired the assets of Sabine Towing & Transportation Co., Inc. on March 13, 1992, the assets of Ole Man River Towing, Inc. and related entities on April 2, 1992, and Scott Chotin, Inc. merged with the company on June 1, 1992, all of which were accounted for using the purchase method of accounting. The company continues to look forward to even better results when the economy revives as recessionary pressures during the 1992 second quarter negatively influenced the marine transportation's petroleum and industrial chemical markets and the property and casualty insurance market.
 KIRBY CORPORATION
 (In thousands, except per share amounts)
 Second Quarter Six Months
 1992 1991 1992 1991
 Revenues $ 69,314 $ 46,953 $118,470 $ 92,012
 Earnings before
 taxes on
 income $ 6,320 $ 5,802 $ 9,998 $ 10,237
 Provision for
 taxes on
 income 1,850 1,850 2,550 3,050
 Net earnings $ 4,470 $ 3,952 $ 7,448 $ 7,187
 Earnings per
 share of
 common
 stock:
 Primary $ .20 $ .18 $ .34 $ .33
 Fully diluted $ .19 $ .17 $ .32 $ .32
 Weighted average
 number of
 shares
 outstanding:
 Primary 22,300 22,023 22,169 21,986
 Fully diluted 26,795 26,534 26,664 26,538
 Net cash provided
 before changes
 in assets and
 liabilities $ 10,026 $ 7,370 $ 17,398 $ 14,159
 Net cash
 provided
 before changes
 in assets and
 liabilities
 per share $ .45 $ .33 $ .78 $ .64
 Fully diluted earnings per share assumes the conversion of $50,000,000 of 7-1/4 percent convertible subordinated debentures, due 2014, convertible into common stock at a conversion price of $11.125.
 The following table sets forth by industry segment the combined gross revenues and operating profits (before general corporate expenses, interest expense and income taxes) attributable to the principal activities of the company for the periods indicated.
 KIRBY CORPORATION
 (In thousands)
 Second Quarter Six Months
 1992 1991 1992 1991
 Gross revenues from unaffiliated
 customers by industry segment:
 Marine transportation $49,853 $29,990 $ 80,379 $ 57,623
 Diesel repair 9,216 8,217 18,905 16,823
 Property and casualty insurance 10,241 8,502 19,090 16,944
 69,310 46,709 118,374 91,390
 General corporate revenues 4 244 96 622
 Consolidated revenues $69,314 $46,953 $118,470 $ 92,012
 Operating profits by industry
 segment:
 Marine transportation $ 8,095 $ 6,196 $ 11,677 $ 10,485
 Diesel repair 627 726 1,467 1,447
 Property and casualty insurance 869 665 1,829 1,703
 9,591 7,587 14,973 13,635
 General corporate expenses, net (942) (379) (1,032) (537)
 Interest expense (2,329) (1,406) (3,943) (2,861)
 Provision for taxes on income (1,850) (1,850) (2,550) (3,050)
 Net earnings $ 4,470 $ 3,952 $ 7,448 $ 7,187
 -0- 7/28/92
 /CONTACT: Steve Holcomb of Kirby Corporation, 713-629-9370/
 (KEX) CO: Kirby Corporation ST: Texas IN: MAR SU: ERN


PS -- NY097 -- 4293 07/28/92 17:19 EDT
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Date:Jul 28, 1992
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